Egypt already obtained $820 million from the IMF, as a result of the completion of the first and second reviews, Maait added.
Minister of Finance, Mohamed Maait, said that the International Monetary Fund (IMF) will complete the third review within three months, allowing Egypt to obtain another $820 million, in an interview with Asharq Bloomberg on the sidelines of World Bank and IMF spring meetings.
Egypt already obtained $820 million from the IMF, as a result of the completion of the first and second reviews, Maait added.
Minister Maait indicated that as part of the ongoing reforms implemented by Egypt, a key objective is to lower the debt-to-GDP ratio to approximately 80% and increase budget revenues.
He pointed out that foreign reserves have exceeded $40 billion, indicating that the state will continue to raise the rates of these reserves.
The minister has announced Egypt's target to raise the average maturity of its debt between 4.5 and 5 years.
As of the end of FY 2022/2023, the average age of debt stood at 3.2 years, with an expectation for it to remain at 3.3 years by the end of FY 2023/2024.
Earlier in March, Prime Minister, Mostafa Madbouly, announced that Egypt signed an agreement with the IMF to raise its current $3 billion deal to $8 billion.
Madbouly also explained that Egypt will also receive $12 billion in soft loans from the World Bank and the European Union.
